Tax season is here. Although few of us are typically excited about it, one thing that always makes it run more smoothly is being properly prepared. A little organization can save you (and your tax preparer) a lot of headache down the road.

Jackie Marquardt
Jackie Marquardt

The first thing you need to do is make sure that you have your necessary documents in order. Some of the things to gather depending on your specific situation:

  • W2 forms from all employers
  • If you’re self-employed: 1099 forms, records of income and records of expenses
  • Documentation of retirement Income or unemployment income, if applicable
  • Mortgage statements and property tax bills
  • College tuition and/or student loan statements
  • Childcare expenses
  • Receipts for charitable donations
  • Medical and dental bills

Your preparer also may ask for a current photo ID. Likewise, if you’re expecting a refund, it will be good to have your bank account and routing numbers handy. (Keep them safe, of course!)

You also may want to have some specific questions in mind for your preparer. Depending on your situation, these could include:

  • What can I do to improve my tax situation?
  • Are there any changes I should make in the upcoming year? (Contributing more to healthcare or retirement accounts, increasing charitable donations, etc.)
  • How will extra income (such as money from a side hustle) affect my taxes?

You’re paying for their expertise, so don’t be afraid to ask! Also, always remember that you can always count on your American Federal Banker for any questions you have regarding your finances. We’re here to help you succeed!

If you’re in the Fergus Falls area, please feel free to contact me directly:

Bank: 218.739.3377
Direct: 218-998-4590
Email: [email protected]

Jackie Marquardt
Personal Banker